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For NRI term insurance buyers, can insurance company waive of GST entirely ? Person working for Tata AIA says he can waive for GST entirely for the term plan

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09 Mar, 2021 by  ashok kumar

1) For NRI term insurance buyers, can insurance company waive of GST entirely ? Person working for Tata AIA says he can waive for GST entirely for the term plan which i am planning to buy. He is explaining that NRI customers has this option. Is this really true ? Is it legal or will my dependent be ending up in any issue in future when the policy matures ?


2) Also other HDFC life and Tata Aia , any other company offers term insurance online for NRI's to buy the policy when not in india ?

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Term Life Insurance
Purchase
Opinion
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Basics of Insurance

1 Answer

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10 Mar, 2021

Answers:


  1. This is more a GST related question. While an expert on the subject matter should be consulted, but to our knowledge, the liability to pay GST is of the service provider and not of service receipient. This being an indirect tax, the incidence of the levy is typically passed on to buyer based on commercial terms. If they say that the price that you want to pay is inclusive of gst, it should not matter that whether the service is exempted or not. If you want to know the exemption details from academic purpose, you will need to call for an exemption notification.
  2. Many other companies offer term insurance to NRI. One company we can recollect is ICICI pru from our experience. This information is pre-COVID, the situation is very dynamic since COVID19 hence you will have to check again.


Hope this helps!


Team Beshak

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